The Siham Group, owned by former Moroccan minister Moulay Hafid Elalamy, signed a deal today to acquire Société Générale’s Moroccan banking operations for 745 million euros from Société Générale de France.
This acquisition includes Société Générale de France’s 57.67% stake in the General Company of Morocco and its subsidiaries, most notably the Moroccan Life Insurance Company.
The deal signifies Siham Group’s re-entry into the Moroccan insurance market after selling its Siham Insurance branch to South Africa’s Sanlam.
Siham will take over all activities, the customer portfolio, and existing partnerships associated with the General Company of Morocco group.
The agreement is expected to be finalized by the end of 2024, which may negatively impact Société Générale’s first-quarter 2024 financials; it establishes a long-term commercial partnership.
This partnership provides Société Générale’s clients with a local banking partner in Morocco, while Siham’s clients gain access to financing solutions from Société Générale’s experts.
Before Siham can operate, it must obtain a banking license from Bank of Morocco, as mandated by Law No. 103.12,which regulates changes in ownership and control of credit institutions.
Bank of Morocco Governor Abdellatif Jouahri has emphasized the need for a thorough review of Siham’s application, focusing on its proposed business model and the added value it brings.
This acquisition marks the second major shakeup in Morocco’s banking sector within 15 months.
In December 2022, Holmarcom acquired a 78.7% stake in Crédit du Maroc, replacing a foreign investor.
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